Those apps for the most part don’t really exist in the EU. I suspect a big reason is due the the hard caps on card network interchange fees. So the size of the

Those apps for the most part don’t really exist in the EU. I suspect a big reason is due the the hard caps on card network interchange fees. So the size of the transaction pie is smaller, and banks get a larger proportion of the pie than their US counterparts. In the US theres a very clear financial incentive for banks to try and cut out card networks, and claim their portion of the fees. The hard part then is convincing merchants to invest the time and money needed to support these new payment systems. Hence the significant carrot of providing customer data to merchants. In the EU, the banks wouldn’t make a significant saving by cutting out the card networks. So it not clear how they would fund the incentives needed to get merchants to support their new systems. All of those provides a barrier to bank payment apps (for C2B payments, C2C payments all happen through normal bank apps), before you even bring privacy into the equation, which just makes a bank payment system even less appealing to merchants. Having said all of that, open banking in the EU is creating new opportunities for merchants and banks to skip card networks, especially for online payments. So it'll be interesting to see how that ecosystem evolves over time.